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tabling member printed

Eddie Hughes

answering dept short name

Treasury

max answer › date of answer

2018-02-27

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<p>HMRC are actively considering the use of distributed ledger technologies alongside
other technical options for both tax and the Customs and Excise systems. The department
is currently running a proof of concept exercise in support of one of their Customs
initiatives and will provide further updates as this work progresses.</p>

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of
trends in the level of tax that professional football clubs have paid on player transfers
in each of the last five years.

<p>The information requested cannot be provided as it is not collated centrally by
HMRC. Football transfer fees are subject to VAT according to the normal rules. Any
profits made by football clubs are subject to Corporation Tax in the usual way. Payments
made to players as part of their transfer, such as signing-on fees, are taxable as
earnings.</p>

<p>HM Treasury does not have any holdings of Bitcoin or other crypto-currencies. HM
Treasury and the Bank of England publish details of the UK’s current international
reserves, including foreign currency assets, on a monthly basis.</p>

<p>The independent Financial Policy Committee (FPC), established by the Government,
aims to ensure the UK financial system is resilient to, and prepared for, the wide
range of risks it could face — so that the system could support the real economy,
even in difficult conditions.</p><p> </p><p>The Bank of England continues to monitor
developments, and provided its latest assessment of the risks to financial stability
in the Financial Stability Report, published in November 2017.</p><p> </p><p>In addition,
the Financial Conduct Authority (FCA) has stated that it will continue to monitor
distributed ledger technology (DLT)-related market developments, working collaboratively
with industry, HM Treasury, the Bank of England, the Information Commissioner’s Office,
and other UK bodies to ensure a coordinated approach towards DLT in the UK.</p>

<p>The government has not made any formal assessment of the value to the UK of Bitcoin
or other cryptocurrencies.</p><p> </p><p>The government is currently negotiating amendments
to the European Anti-Money Laundering Directive which will extend regulation to virtual
currency exchange platforms and custodian wallet providers. These amendments will
enable competent authorities to ensure these firms are mitigating the risks regarding
money laundering and terrorist financing, and enable the legitimate sector to grow.
We expect these negotiations to conclude at EU level by early 2018, with a year for
Member States to then implement the Directive.</p>

<p>The government has not made any formal assessment of the value to the UK of Bitcoin
or other cryptocurrencies.</p><p> </p><p>The government is currently negotiating amendments
to the European Anti-Money Laundering Directive which will extend regulation to virtual
currency exchange platforms and custodian wallet providers. These amendments will
enable competent authorities to ensure these firms are mitigating the risks regarding
money laundering and terrorist financing, and enable the legitimate sector to grow.
We expect these negotiations to conclude at EU level by early 2018, with a year for
Member States to then implement the Directive.</p>